(Riya Singh, Intern Journalist): Andhra Pradesh on Monday announced a new industrial development policy which seeks to offer fiscal incentives and interventions across infrastructure, ease of doing business, skill development, and business enablement, apart from setting up a multi-faceted capability center to offer support services to the units.
In a statement, the government said the new multi-faceted capability center to be set up in the state titled ‘YSR AP One’ will seek to offer support services to the new units on par with advanced countries. The specialized services include entrepreneurship facilitation, sales support, and MSME (micro, small and medium enterprises) revitalization.
The notable interventions under the new industrial development policy for 2020-23 include complete zoning and pre-clearance of industrial land in the state, setting up of MSME parks with plug and play facilities. In a bid to further enhance ease of doing business, the AP government proposes to provide deemed approval with a grace period of three years for all green category MSMEs.
The government also proposed to establish 30 skill centers and 2 skilling universities, where global immersion programs will be offered to provide global exposure to top talent in the state.
The key fiscal incentives proposed under the new policy for micro and small scale enterprises include 100% reimbursement of stamp duty, power subsidy of Re 1/unit, reimbursement of 100% of net SGST, 15% investment subsidy, and interest subsidy up to 3%. For medium, large and mega industries, net SGST reimbursement linked to employment generation was proposed.
The new policy has identified 10 thrust sectors including food processing, textiles, pharma and biotechnology, electronics, defense and aerospace, leather and footwear, toys and furniture, petrochemical and allied, automobiles, machinery, precision equipment, and mineral-based industries.
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